Circle (USDC) exec believes the banking crisis may push Investors outside the US
Jeremy Allaire once again addresses the uncertain crypto regulatory environment in the US jurisdiction and claims that it will push investors away from America.
The Circle is a USDC issuer company, fully regulated under the jurisdiction of the US. USDC is the second top stablecoin by market Cap, after Tether (USDT). In the last couple of months, Circle investors & USDC holders faced huge panic because Circle banking partner Silicon Valley Bank collapsed, where Circle was holding more than $3 billion USDC reserve.
On 26 April 2023, Circle CEO Jeremy Allaire spoke with Bloomberg and there he addressed the uncertain economic environment in the United States.
Circle CEO noted that the EU, Singapore, & Hong Kong countries are following the best approach to regulate the crypto sector, after the downfall of several crypto companies like FTX exchange, Terra (Luna), etc.
According to Allaire, the US government should follow the best approach quickly and also Congress should interfere.
“It’s a critical moment here in the US, and, as I like to say, it’s a moment for Congress to step up,” Circle CEO said.
It is worth it to note that just a few days back Coinbase exchange CEO Brian Armstrong also passed a similar kind of statement & indirectly hinted that the exchange could go offshore if regulatory conditions will not change.
Met with the SEC today. We’ll continue pushing for a clear rule book in the U.S. for crypto regs.
— Brian Armstrong
The U.S. can’t afford to fall behind on this important technology to update the financial system.
Also important for regulators to set policy and THEN enforce it. Not start with… pic.twitter.com/EaPD7wDbSx(@brian_armstrong) April 21, 2023
Earlier this, in late March 2023, Allaire talked about the uncertain regulatory environment in the US & noted that over the past 10 years, he never saw such a bad situation. He also said that the situation was getting worse for the highly regulated American companies.
Read also: Q3 2023 may bring court decision to swap GBTC into Bitcoin spot ETF (Report)
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